Exercise 21-3

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Exercise 21-3

Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2017). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below.

Department 
Quarter 1
 
Quarter 2
 
Quarter 3
 
Quarter 4
Auditing 2,400 1,970 2,390 2,640
Tax 3,360 2,660 2,400 2,840
Consulting 1,860 1,860 1,860 1,860

Average hourly billing rates are auditing $82, tax $92, and consulting $103.

Prepare the service revenue (sales) budget for 2017 by listing the departments and showing for each quarter and the year in total, billable hours, billable rate, and total revenue.

THOME AND CREDE, CPAs
Sales Revenue Budget
 
Quarter 1
Quarter 2
Dept.
Billable Hours
Billable Rate
Total Rev.
Billable Hours
Billable Rate
Total Rev.
Auditing
Quarter 3
Quarter 4
Dept.
Billable Hours
Billable Rate
Total Rev.
Billable Hours
Billable Rate
Total Rev.
Auditing
Year
Dept.
Billable Hours
Billable Rate
Total Rev.
Auditing

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